For the global maritime industry.
HSB Capital Corp is an independent merchant advisory platform serving shipowners, operators, sponsors and capital providers across the commercial shipping and passenger cruise markets.
An independent platform, built for maritime capital
HSB Capital Corp is a corporate financial services firm founded in 2008, specializing in the global maritime industry. We act as advisor, arranger and — where it matters — co-investor, guiding owners, operators and sponsors from pre-revenue strategic planning through financing, growth and monetization. When required, we also guide clients through distressed situations, turnarounds and financial restructuring.
We are differentiated by the depth and breadth of our capabilities as an institutional investor, capital markets consultant, corporate financier and financial project strategist — across economic, industrial and market cycles.
Underscoring all our activities and engagements is a strong sense of integrity and honesty in both actions and communications. Evidence of the importance of these elements can be found in the repeat client engagements and referrals that have supported and continue to grow our business.
What differentiates us
Maritime capital is relationship business conducted across borders, legal systems and flag regimes. Our value is in knowing how the pieces actually fit together — and in being able to communicate it all clearly.
Merchant, not intermediary
We commit our intellectual and financial resources alongside partners - not only advice. We take ownership of transactions, which changes how we underwrite projects and value relationships.
Full lifecycle, including the hard parts
Pre-revenue platform formation, newbuild and acquisition finance, joint ventures and refinancing — and restructuring and special situations when the cycle turns.
Both sides of the Atlantic
Working relationships with Greek, German, Dutch, Nordic and UK owners, managers and lenders, and with US and European private equity, credit funds and regional banks.
Merchant shipping and passenger cruise
Dry bulk, tankers, LPG, container and multipurpose alongside ocean, river, expedition, residential cruising and superyachts — a combination almost no independent advisor carries.
Areas of expertise and focus
Engagements are scoped to the situation. Most begin as one of the six below and broaden as the transaction develops.
Debt capital
Senior, mezzanine and alternative lender financing for vessel acquisition, newbuilds, refinancing and fleet growth.
Leasing & sale-leaseback
Bareboat and time charter structures, sale-leasebacks and cross-border leasing including the German KG system.
Equity & joint ventures
Structuring and placing equity capital — including platform joint ventures between owners, operators and investors.
Platform & project formation
Building maritime ventures from concept to action — sponsor structuring, shipyard selection, flag strategy and first-round capital.
Sale & purchase / M&A
Buy- and sell-side advisory on vessels, fleets and maritime operating companies, including distressed acquisitions.
Restructuring & special situations
Balance-sheet restructuring, lender negotiation and Chapter 11 advisory for owners and their stakeholders.
Where we work
Depth in the vessel types and business models we have financed, owned or restructured — not a directory of everything that floats.
Merchant shipping
- Dry bulk carriers
- Product and crude tankers
- LPG carriers
- Containerships
- Multipurpose / project cargo
- Commercial pools & time charter
Passenger cruise
- Ocean and expedition cruise
- River cruise
- Residential cruise
- Ferries and ro-pax
- Superyacht and charter platforms
- Floating private members' clubs
Specialized & adjacent
- Marine equipment leasing
- Coastal and urban water transport
- Maritime digitization platforms
- Ship management platforms
- Energy transition and efficiency
- US-flag and re-flagging projects
A disciplined path from idea to closing
We do not pursue transactions; we underwrite strategies. Every project we take forward has been stress-tested, its assumptions challenged and its risks assessed before it reaches a capital provider.
Assess
Commercial, technical and financial diligence on the asset, the market and the team behind it.
Structure
Capital structure, jurisdiction, flag, ownership and charter architecture designed around the value drivers and cash flows.
Prepare
Model, memorandum and data room built to institutional standard so lenders and investors can move quickly.
Market
Targeted approach to the right lenders, funds and strategic partners — not a broad, reputation-diluting circulation.
Execute & Steward
Negotiation, documentation and closing support, then continuity through the life of the project.
Selected engagements
Client identities are withheld to preserve confidentiality. Figures include engagements completed at HSB Capital and in predecessor roles.
Includes engagements completed at HSB Capital and in predecessor roles. Client and counterparty names withheld for confidentiality.
Case studies
Established owner, family-held fleet
Situation: Quality tonnage, no institutional partner, an acquisition window it could not fund alone.
Outcome: A joint venture with a US special situations investor — governance, alignment and exit mechanics negotiated so the owner retained operational control.
Listed operator, diversified marine assets
Situation: A US-listed operator entering Chapter 11 proceedings.
Outcome: Advisory through the case, working across asset classes, lenders and stakeholders in a complex, multi-segment estate.
Residential cruise start-up
Situation: A concept for a residential cruise venture with no vessel, no financing and no operating structure in place.
Outcome: Vessel financing arranged and growth strategy executed — sponsor structure, management and capital assembled from a standing start.
Platforms and execution partners
HSB Capital is deliberately small at the center and deep at the edges — dedicated partnerships give clients an institutional bench without an institutional cost base.
PAX Shipping Partners
A fully integrated passenger ship asset management platform, formed through the partnership of Ship Management Group and HSB Capital Corp — investor and capital management, marine and hotel management, asset and portfolio management, charter management and project analysis under one roof.
paxships.comShip Management Group
A specialized management company providing technical, nautical, hotel, crewing and catering management services across the ocean, river and offshore sectors — structured so owners retain control of their assets. SMG is powered by OSM Thome, one of the largest ship management companies globally managing around 1,000 vessels, ranging from tankers and dry bulk to offshore and cruise ships.
shipmanagementgroup.comDK2 Seaport Ltd.
A forward-thinking financial firm delivering innovative, technology-driven solutions that prioritize sustainability and decarbonization across maritime finance.
dk2advisor.comCapital Connect LLC
A FINRA-registered broker-dealer platform providing licensing, registration and compliance support for independent placement agents, third-party marketers and investment bankers raising capital across private markets.
capital-connect.net
Hardin S. Bethea
Hardin Bethea has more than 28 years of experience in investment banking, investment management and corporate finance. He founded HSB Capital Corp in 2008 following six years as an analyst and portfolio manager with an institutional investment firm and earlier work in the Global Corporate and Investment Banking division of Bank of America.
Prior to re-launching HSB Capital in 2020, he was Senior Vice President at Stephens Inc., where he led the firm's Maritime practice within the Transportation & Logistics group, joining as part of Stephens' acquisition of Blackhill Partners LLC, a restructuring and special situations boutique focused on energy, maritime and industrial companies, where he led the Maritime Industry Group.
He originates, executes and manages maritime projects across all major segments and stages of development, including financings, restructurings and new business formation.
Let's discuss the situation
Whether the question is how to finance a vessel, how to structure a partnership, or whether a project should proceed at all — an early conversation costs nothing and usually saves time.
projects@hsbcapitalcorp.com